Global investor KKR on Monday said it will acquire a controlling stake in Baby Memorial Hospital (BMH), a Kerala-based multispecialty hospital chain. Though the investor did not share the deal value, according to industry sources, KKR has bought a 70% stake in the chain for Rs 2,500 crore.
KKR’s investment will support Baby Memorial Hospital’s efforts to address the growing need for quality, accessible healthcare services in the country by advancing its efforts to build a leading pan-India network of hospitals, including through both organic and inorganic growth strategies, a joint press statement by the two companies said.
Founded in 1987 by KG Alexander, Baby Memorial Hospital has a capacity of 1,000 beds across hospitals in Calicut and Kannur, and planned expansions across the region.
India as the rising giant in the supply chain industry: Emerging opportunities and challenges
‘No change in our business strategy’, says Paytm; refutes reports of shift from licensed businesses
NIIT appoints Pankaj Jathar as Chief Executive Officer effective today
ITC increases rural reach by 1.3x: Will it boost demand recovery?
KKR made the investment via its Asian Fund IV.
The global investment firm said the transaction further builds on its track record in the healthcare sector in India and across Asia Pacific, including Max Healthcare, one of India’s largest hospital networks; Healthium, an Indian medical devices company; Infinx, a tech-enabled healthcare revenue solutions provider; branded formulations pharmaceutical company JB Pharma; and pure-play generic injectable pharmaceutical products company Gland Pharma.
Baby Memorial Hospital provides treatment across 40 medical and surgical departments, including cardiology, oncology, neurology, gastroenterology, pediatric and orthopaedic care. Akshay Tanna, partner and head of India private equity at KKR, said: “ We are pleased to be strategic partners with Dr KG Alexander and family through this investment, which will aid BMH in expanding its network of hospitals and continuing to invest in medical infrastructure so that its medical services can reach more patients in India.
“We look forward to drawing from KKR’s network and deep healthcare expertise to take BMH to its next phase of growth and deliver greater impact to its communities.”
KG Alexander, founder and chairman of Baby Memorial Hospital, said: “We are pleased to be able to tap into global and local experience in the healthcare sector, which will enable us to accelerate our growth and expand our services across India, and importantly continue to deliver excellence to the patients we serve.”
From: financialexpress
Financial News
